NEW YORK (MainStreet) -- Maybe it’s a kind of pension envy. We worry that our retirement account is just not big enough, especially when compared to the those of the big savers. And the younger we are, the more we fret.
Almost one-third (29%) of respondents to a new Merrill Edge survey admitted they would be embarrassed if their close friends or family knew the intimate details of their finances -- especially their retirement savings, checking account balance or credit score. They're even a bit shy about how much they spent on their wedding and how much they blow every month on discretionary items.
It's even worse for under-40s. Half of Millennials said they would be embarrassed if word got out about their money situation. Apparently quite a few are a bit shy when it comes to the size of their nest eggs.
"Honestly, whether they need to be embarrassed or not, they're embarrassed just because they don't really know if they're on track or not on track," said Katie Brewer, a financial planner in Dallas. "But sometimes Millennials freak out about stuff and decide that they're definitely not on track -- just because they haven't really asked anybody yet if they are."
As far as having a backup plan, Millennials are counting on their families to rescue their retirement. More than four in ten (43%) surveyed said they would seek financial assistance from loved ones in retirement - including future children, family and close friends -- much more so than the 9% total of all other generations combined.
"I think Millennials don't have a perfect dose of reality, because they are young and haven't been through it before," said Andrew McFadden, a financial advisor in Fresno, Calif. He's a Millennial too and admits he doesn't have all of the answers. That says, he suggests his fellow Gen Y-ers may be just a bit misguided in believing they will be able to ask for family help in retirement.